Oil prices surge to a seven-year-high and analysts are telling Canadians to prepare for increased prices at the gas pumps. Overnight in Winnipeg, prices jumped 10 cents to $1.429 cents per litre. Compared to an average of $1.355 cents per litre, gas prices have not been this high in nearly 13 years. Toronto drivers have been warned that prices could be as high as $1.44 cents per litre by Thursday.
Over the coming days, gas prices are expected to increase by another two cents across the entire country. These historically high prices come before the Thanksgiving weekend, and is due to the demand and undersupply of oil on a global scale.
Chief petroleum analyst with En’Pro International, said “People want to get back on the road, they want to get back into planes,… Jet fuel demand is up 64 per cent, that’s part of the diesel family as well. That’s all going to push up gasoline prices, like it or not.” In addition, Hurricane Ida helped increase the price of gas as they had to shut down a good portion of U.S oil and natural gas production in late August.
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